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The Dangers of Door Knockers & Solicitors.
Who are They? What Do They Want? And Why to Avoid Them...
Door knocking at all hours of the day, Constant Calling, Texting, and Mailers -
While some may seem like they're offering a lifeline, many of these individuals are predators looking to exploit homeowners in distress. It's crucial to recognize the red flags and protect yourself from these predatory practices.
When your home is listed to be foreclosed on, it becomes subject to a highly unregulated market. Those who buy foreclosed homes or pre-foreclosed homes quickly for cash are looking to purchase it as an investment either to flip or rent. However, those investors are typically never the ones knocking on your door. Wholesalers are. These individuals sell the contract to investors. However, both wholesalers & investors alike, aren’t there to “help”—they’re there to make the highest profit possible off the vulnerable situation you’re in. They promise quick relief from foreclosure by purchasing your home, but their real goal is to strip you of your property and make a large profit off of you. Here’s how they operate:
Common Scams to Watch Out For:
Transfer of Deed Disguised as a Sales Contract: We have an uptick in scammers presenting what appears to be a standard sales contract, but is actually a Deed of Transfer. By the time you realize what you’ve signed, you may have unknowingly handed over ownership of your home, losing the legal right to occupy and losing all the cash you built up in your home.
No Funds or Buyers: Some solicitors (aka wholesalers) pose as "investors" who claim they’ll buy your home but don’t have the funds to do so. In reality, they’re trying to sell your home to another buyer while keeping it under contract. If they can’t find a buyer in time, you’re left with no sale and no time to stop the foreclosure.
- When your property is under contract, it cannot be sold to anyone else.
False Verbal Promises: Many solicitors rely on verbal promises to earn your trust. They’ll assure you they have the cash to buy your home or will give you time to stay after the sale, but these promises often don’t appear in the contract, leaving you unprotected, with nothing, and no time to move out.
False Documentation: Scammers may provide fake bank statements, fraudulent contracts, or misleading proof of funds to convince you they’re legitimate. These documents are designed to make you feel secure, but they’re often nothing more than illusions to gain your trust.
Misleading Behavior: Scammers will say nearly ANYTHING to get you to sign. A common tactic is pretending they want to live in the home themselves or offering an overly generous verbal offer. These are still wholesalers looking to find a buyer for your home.
No Additional Support Or Resources: Those knocking at your door are looking to get a big payday and leave. They do not have the skills, resources, or desire to help the complete person. Homeowners are frequently left without the support or resources they need or are sometimes promised. These solicitors provide no guidance on relocation, financial planning, or legal assistance.
The Real Impact on Homeowners - These predatory tactics leave homeowners in worse situations. We’ve seen first hand how many find themselves with no house, no cash, and no time to act before foreclosure. In the worst and growing cases, homeowners are evicted with little to no profit from their home, despite promises of a cash amount.
It's Not Worth The Risk.